With gold and silver surging, key breakout levels for gold are very close at hand, plus a look at the increased price targets for silver.
Michael Oliver’s (of MSA) audio interview has now been released. In the meantime…
A Golden Diwali?
October 25 (King World News) – Top Citi analyst Tom Fitzpatrick: “The DXY Index is in line to post a bearish monthly reversal which would need to be confirmed with a close this month below 97.85. However there has been one ‘precious’ corner of the market where, perhaps until this week, the USD has not moved so considerably. Is that now changing?
Gold Taking Out The Top Of The Flag – Watch Next Pivot At $1,520
The Importance Of $1,520 Gold
Gold held the 76.4% Fibonacci retracement against the lows at $1,473 which is a bullish setup. This has occurred within a flag pattern and overnight we rallied through the top of it which is the first sign that higher levels can be seen. The important level ahead now is $1,520. A breach of that would confirm a break and leave the way open for the trend highs at $1,557 to be tested and then $1,600.
Silver
Something similar is already taking place on Silver…
Silver also held the 76.4% Fibonacci retracement against the lows and has this week rallied through the trendline resistance that came from the highs.
Watch $17.96 next as the neckline for this setup. A close above there would be a break and open the way initially for $18.75 and then $19.65.
SILVER BREAKOUT: Next Target For Silver Is $18.75, Then $19.65
***KWN has now released Michael Oliver’s remarkable KWN audio interview and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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